Corinthians has received an offer of R$ 300 million from a financial institution for the naming rights of the Itaquerão, a stadium under construction in the East Zone of São Paulo which shall be used in the 2014 FIFA World Cup™.
As the O Estado de São Paulo newspaper informed this Tuesday, Club President Andrés Sánchez has already started the discussion of the value, funds which shall be used to pay off the loan of R$ 400 million with the National Bank of Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social - BNDES) for this work.
Also according to the newspaper, two points still prevent the signing of the contract. The company wishes to use its name on the stadium for 20 years, but the club wants a smaller contract for some 15 years.
In addition, Corinthians only plans to sign the contract next year, when the structure of the arena is evident. The reasoning here is that, with more advanced work, there would also be greater value attached.
This line of thought is not shared by consultant Amir Somoggi, from BDO/RCS. He feels that the longer the arena stays without an official name, the higher the chance of nicknames catching on. The stadium is known as the Itaquerão and also as the Fielzão.
Current Stage
The work on the Corinthians stadium started last May and is still in the early stages, with foundations and land leveling. In total, the cost of this development should reach R$ 920 million.
Apart from the BNDES loan, the São Paulo-based club shall also have R$ 420 million (€ 183.35 million) in tax incentives from the City Hall.
highlights
04/05 | News
